Certified Appraisals, Inc. Blog

Below is a graph depicting average days to sell for the period January 2019 thru August 2024. The past eighteen months has seen wide variations of average days to sell with numerous months exceeding the averages over the past five years. (Source Pikes Peak MLS).

Below is a graph depicting the active listing volume for the period January 2014 thru August 2024. Current trend is indicating a larger number of active listings on the market which may indicate a buyers' market. (Source Pikes Peak MLS)

Below is a graph depicting monthly listing volume versus monthly sold volume for single family homes in El Paso County for the period January 2018 thru July 2024.  Listing volume is trending upwards while sold volume is trending downward. (Source: Pikes Peak MLS)

Below is an interest rate chart for the past five years thru August 8, 2024. There is some downward trend in rates which may spur some increased activity in the residential real estate market. (Source: Mortgage News Daily)

Below is a graph depicting sold price to sale volume for El Paso County for the period January 2020 thru July 2024. Sold prices continue to rise with sale volume decreasing. Will be interesting to see what happens to these indicators should the interest rates drop moderately. 

Below is a graph showing sales volume for single family dwellings in El Paso County for the period January 2018 thru June 2024. Volume for the past two years continues to depict a decline in overall sales volume for single family dwellings. This graph only includes sales reported on the Pikes Peak mls.

Below is a graph depicting average sale price vs. average sales volume for the period January 2020 thru June 2024. Sales volume continues a declining pattern while average sales price continues to remain stable to slightly increasing. 

Below is sales volume data for single family homes in El Paso County for the period January 2015 thru May 2024. Clearly the interest rates are putting pressure on the number of sales transactions.  For the year 2024, volume is lower than in 2023 which saw the lowest levels of sales transactions in more than a decade. 

Below is a graph showing average Days on Market and average Sale Price for the period January 2023 thru May 2024 for El Paso County single family homes.  

Below is a graph depicting sales volume trends for the period January 2021 thru April 2024 for residential sales in El Paso County. 

Below is a graph depicting mortgage interest rate trend for the five-year period of May 9, 2019, thru May 9, 2024. There is no indication that the rates are trending downward. 

Below are graphs for the period January 2023 thru April 2024 for monthly sales volume versus monthly sales prices. Both graphs depict and upward trend for volume and average sale price. This is potentially a good sign for the rest of the year.  

Below is a graph of Mortgage rates versus Mortgage applications for the period between February 1, 2019, and February 1, 2024.  

Below is data representing monthly sales volume from January 2014 through December 2023. Only six times during this 10-year period has monthly sales volume been less than 700 units and only three times has sales volume been less than the volume in December 2023.  For the year 2023 monthly sales volume was below 700 units three times. 

At the end of November 2023 months of inventory where similar to the months of inventory from 2015. Sales prices continue to remain somewhat stable, though there may be a downward trend. Will see how this trend plays out over the next two months. 

Below is a graph depicting sales volume and months on inventory for the period of January 2022 through December 2022. Months of inventory have not reach 4.0 months in the past two years. Actually, looking back further, months of inventory has not been this high in El Paso County since 2015 (graph is included).  Sales prices year to date continue to be relatively steady with no major impact as of the end of November.  

Below is a graph showing the trend of sales volume to number of active listings for the period January 2021 through October 2023. These trends indicate a slowing sales market and potentially a buyers' market. 

Just ran statistics for the calander months of January thru October for the period of 2013 thru 2022. The average sales volume for January thru October for the period of 2013 thru 2022 is 13,018 units. The sale volume for the period of January thru October 2023 is 9,683 units, a difference of 3,335 units. Sales volume for the period of January thru October 2022 was 13,197 units, a drop of 3,514 units year over year. Current interest rates are not helping this situation. 

Below is a data chart showing sales volume for the past 10 years for single family dwellings in El Paso County.  Overall sales volume for 2023 is most similar to the data from 2013.  The sales volume for 2023 is approximately 2500-3000 units below an average year for the 10-year period of January 2013 thru August 2023. 

Below is a graph depicting sales volume for El Paso County for the period between January 2017 and August 2023.  Overall sale volume is down considerably in 2023.